Annual Report 2021

219 2021 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 26 Contingency provision – insurance 2021 2020 $’000 $’000 At 1 January 308,039 370,677 Provision charged to profit or loss 46,776 19,796 Payments made during the year (83,425) (82,434) At 31 December 271,390 308,039 Representing: Current portion 93,800 90,323 Non-current portion 177,590 217,716 271,390 308,039 The Group is involved from time to time in litigation and claims in connection with its bus operations. Contingency provision – insurance represents amounts set aside annually by the Group to meet liabilities which are expected to arise from third party claims for incidents which have occurred prior to the end of the reporting period in connection with the Group’s bus operations. 27 Lease liabilities At 31 December 2021, the lease liabilities were repayable as follows: 2021 2020 $’000 $’000 Within 1 year 3,513 3,615 After 1 year but within 2 years 2,208 1,624 After 2 years but within 5 years 1,098 241 3,306 1,865 6,819 5,480 28 Income tax in the consolidated statement of financial position (a) Current taxation in the consolidated statement of financial position represents: 2021 2020 $’000 $’000 Provision for Hong Kong Profits Tax for the year 13,804 17,139 Provisional Profits Tax paid (14,176) (16,007) (372) 1,132 Disposal of a subsidiary (note 35) – (83) Balance of Profits Tax provision relating to prior years (2,828) 3,128 Net current tax (recoverable)/payable (3,200) 4,177 Representing: Current tax recoverable (5,857) (5,085) Current tax payable 2,657 9,262 Net current tax (recoverable)/payable (3,200) 4,177